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Technology Stocks : Cymer (CYMI)
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To: H James Morris who wrote (12362)1/7/1998 1:36:00 PM
From: Mr. Aloha  Read Replies (2) of 25960
 
I haven't looked at the short interest very closely. I was surprised to see it increase in Nov. I was expecting a decline.

I haven't seen DEC figures.

I don't know the exact ownership of Cymer shares but there's approx. 30 million outstanding so 4 million is 13% of that total. If you throw in all the insider ownership, Cannon, Nikon etc.. and us maybe the short is more like 22% based on the float being about 18 million shares.

It's possible that those debentures did hedge their investment back in October or November and that's the reason the short increased despite the lower stock price.

I don't think there's any reason to be concerned with the short. I don't expect to hear that the company was built on air and this IPO is dead. I think the short interest is a positive given enough time. When the Asian story is clear the price will bottom and the shorts will cover as the price moves up.

With all the reports of .25 micron conversion and manufactures using Cymer's laser, I expect many sunny days ahead.

Aloha
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